AMYRIS ANNOUNCES CEO TRANSITION AND GLOBAL REDUCTION IN FORCE

Rhea-AI Summary

Amyris, a synthetic biotechnology company, announced the resignation of John Melo as President & CEO and the appointment of Han Kieftenbeld as Interim CEO. The company also announced a global reduction in force as part of its cost reduction targets.

Positive

• Han Kieftenbeld appointed as Interim CEO
• Company aims to deliver Fit-to-Win cost actions of approximately $250 million

Negative

• Resignation of John Melo

EMERYVILLE, Calif., June 26, 2023 /PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company accelerating the world's transition to sustainable consumption through its Lab-to-Market™ technology platform and clean beauty consumer brands, today announced that John Melo has resigned from his role as President & Chief Executive Officer and a member of the Board of Directors, effective immediately. The Company's Board of Directors has appointed Han Kieftenbeld as Interim Chief Executive Officer. Mr. Kieftenbeld will remain as the Company's Chief Financial Officer. The Company also announced a global reduction in force as an important step towards its previously announced cost reduction targets.

"John's dedication and leadership were instrumental in the evolution of Amyris' Lab-to-Market technology platform and the development of our diversified consumer brands portfolio. On behalf of the Board of Directors, I sincerely thank John for his many contributions over the last 16 years," said Geoffrey Duyk, Board Chair of Amyris. "We have utmost confidence in Han's ability to lead Amyris as Interim Chief Executive Officer through this critical period of transformation."

As announced earlier this month, the Company has engaged the Business Recovery Services unit of PricewaterhouseCoopers (PwC) to guide its transformation efforts. As part of this process, the Company aims to deliver Fit-to-Win cost actions of approximately $250 million. This effort includes optimizing the costs of goods sold, reducing operating expenses and streamlining the business portfolio.

"We are making tough choices including the decision to implement a reduction in force which we are executing today. We thank our departing employees for their efforts, dedication and contributions to Amyris," said Han Kieftenbeld, Interim Chief Executive Officer and Chief Financial Officer of Amyris. "I want to thank the Board for placing confidence in me to lead Amyris through this next phase. I will work closely with my leadership team and colleagues globally to set out a path towards profitable growth and sustained cash generation."

About Amyris
Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology company, transitioning the Clean Health & Beauty and Flavors & Fragrances markets to sustainable ingredients through fermentation and the company's proprietary Lab-to-Market™ technology platform. This Amyris platform leverages state-of-the-art machine learning, robotics and artificial intelligence, enabling the company to rapidly bring new innovation to market at commercial scale. Amyris ingredients are included in over 20,000 products from the world's top brands, reaching more than 300 million consumers. Amyris also owns and operates a family of consumer brands that is constantly evolving to meet the growing demand for sustainable, effective and accessible products. For more information, please visit http://www.amyris.com.

Forward-Looking Statements 
This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events, such as Amyris' expectations regarding the success of its transformation efforts and Fit-to-Win cost actions of approximately $250 million and setting out a path towards profitable growth and sustained cash generation. These statements are based on management's current expectations, and actual results and future events may differ materially due to risks and uncertainties, including risks related to Amyris' liquidity and ability to operate as a going concern, risks related to its financing activities including successfully obtaining waivers and amendments of outstanding loan agreements, risks related to potential delays or failures in completing planned strategic transactions and dispositions, risks related to potential delays or failures in development, regulatory approval, launch, production and commercialization of products, risks related to global economic trends, inflation and policy measures undertaken to address inflation, the COVID-19 pandemic and any other geopolitical events, including the Ukraine conflict, resulting in global economic, financial and supply chain disruptions that may negatively impact Amyris' business operations and financial results or cause market volatility, risks related to Amyris' reliance on third parties particularly in the supply chain, and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise. 

 

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SOURCE Amyris, Inc.

FAQ

Who is the new Interim CEO of Amyris?

Han Kieftenbeld

What are the cost reduction targets of Amyris?

Approximately $250 million

Who resigned as President & CEO of Amyris?

John Melo